Troy/Azimuth takeover slated for end of June
SYDNEY (miningweekly.com) – Dual-listed gold miner Troy Resources on Thursday told delegates at the Paydirt Latin America Downunder conference that its takeover of fellow gold producer Azimuth Resources would likely be completed by the end of June.
MD Paul Benson said the proposed larger entity would emerge from a successful takeover, with three core business drivers going into the new financial year.
These would include the completion of a prefeasibility study by the end of the year on its West Omai gold project in Guyana, the commissioning of new ball mill infrastructure at the Casposo gold mine, in Argentina, the start of a high-grade underground stoping operation at Casposo, and ongoing gold production in Brazil.
“The takeover is designed to deliver an enlarged but profitable gold producer focused on high-grade gold resources, but an entity with a development pipeline and considerable exploration upside,” Benson said.
“The offer is scheduled to close on June 14, and if we achieve the 90% minimum take-up, we would be confident of wrapping it all up by the end of the financial year.”
Troy announced its off-market takeover offer at the end of March, to acquire Azimuth in a share trade, offering one Troy share for every 5.695 Azimuth shares held.
Under the proposed terms, Troy shareholders will hold 55% of the combined company.
Benson said the proposed acquisition of Azimuth complemented Troy’s existing project pipeline and represented a long-term value proposition for both sets of shareholders.
Comments
Research Reports
Projects
Latest News
Showroom
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
